Ceylon Petroleum Corporation reports 75% drop in net profit

The Ceylon Petroleum Corporation (CPC) has reported a sharp 75% decline in net profit for the first ten months of 2024, according to a report presented to Parliament.

The CPC’s net profit for the period plummeted to Rs. 25.1 billion, a drastic fall from Rs. 106.7 billion during the same period in 2023.

The report highlights that while the CPC’s financial costs were reduced to Rs. 1.1 billion in the first ten months of last year, the main factor behind the profit drop was a substantial decrease in sales revenue.

Despite this setback, the corporation continued to fulfill its fiscal duties, contributing Rs. 10 billion in levies to the Consolidated Fund during the same period.